HSBC: Millennial Entrepreneurs Are Most Common In The Middle East – Forbes

Where are millennial entrepreneurs the most prevalent? Try Saudi Arabia and the United Arab Emirates.New data released Tuesday by HSBC Private Bank found that 63% of the business owners they screened in the Middle East are age 35 or younger. That’s followed by both China and Hong Kong, where millennials make up just under half of all entrepreneurs in each place. That means the Western world is losing the edge to other parts of the world, at least when it comes to this slice of millennial entrepreneurs. (The results are based on a survey of 2,800 respondents, all of whom are entrepreneurs with a net worth of $250,000 or higher; the average was $4.6 million).

Geographic concentration isn’t the only thing different about millennials. Across countries, these younger entrepreneurs appear to care more about doing good than older business owners. The report asserts that 69% of millennial respondents say they want to have a positive economic impact, and 59% also say they want to help their communities. “Most people would assume they go into business to make money. The reality is the drivers behind that are entirely different. Making money is a consequence, not the core driver,” Nick Levitt, head of the Global Solutions Group at HSBC Private Bank, said during an interview this month.

And as HSBC looks to tap into the growing wealth accumulating within the millennial generation, the bank is taking note, particularly in how they reach out to clients and work with them in-person and digitally. Of those millennials surveyed, 79% were actively involved in philanthropy in 2015. Levitt says they anticipate millennial entrepreneurs to use estate planning services sooner than older clients would have since millennials strive to donate throughout their lives, instead of waiting until retirement to plan which philanthropic causes will see their money. ”There’s potentially far-reaching consequences,” Levitt says. “This generation has far more choices.”

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